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The wearable electronics market will register a CAGR of over 15% by 2023. The development of miniaturized electronic components is one of the key factors expected to trigger the market growth in the forthcoming years. The sleek and small design and the high operational efficiency are the prominent purchasing criteria for wearable electronic devices. The development of MEMs technology has helped the vendors in the market integrate more features into a device.
Growing Preference for Wearable Electronic Devices for Payment
With the growing preference for contactless payment through wearables devices and the rapid adoption of contactless payment terminals across the globe, the market is expected to grow during the forecast period.
The Growing Market for Counterfeit Products
The growth of the counterfeit wearable electronic devices market decreases the sales, reliability, and brand value of the original products. This is expected to limit the growth of the market during the forecast period.
The market appears to be moderately concentrated with the presence of a few market players. Vendors are increasingly adopting low-power-consumption components, from processors to new IMUs. This will help them to enhance the performance of their wearable electronics.
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